Paul Ryan Budget Deal Keeps America on Path to $25 Trillion Debt
The budget deal that House Budget Committee chairman Rep. Paul Ryan (R-WI) negotiated with Senate Budget Committee chairwoman Sen. Patty Murray (D-WA) will still add $8 trillion to the already-oversized national debt according to data included in statements made by Ryan and Murray, Breitbart News has learned.
Current law, which includes the Budget Control Act (BCA) known colloquially as the sequester, would push the national debt to $25.228 trillion in 2023, according to the Congressional Budget Office (CBO). The original BCA passed in 2011 had a goal of $2.1 trillion in deficit reduction over a 10-year window that ended in 2021.
The budget deal Ryan negotiated with Murray would include, at most, only $23 billion in deficit reduction. In comparison to current law, that means the national debt would reach $25.205 trillion by 2023.
Since the national debt right now is about $17.233 trillion, Ryan’s deal with Murray did virtually nothing to change the national debt from current law. Current law and the Ryan deal each increase the national debt by about $8 trillion over the next decade.
The deal, according to two different congressional GOP sources with knowledge of the situation, would increase spending by by well over $44 billion in 2014 and $18 billion in 2015. The deal purports to make up this increase with higher revenues now and spending cuts later in the decade.
“So while they’ll increase spending over current law by far more than $23 billion over the next two years, we’re to believe they’ll make up for that in the ‘out years,’” one GOP aide said in an email.
But that aide said, it’s even more important for people to understand that the Ryan-Murray deal “does nothing to change the debt trajectory, since the new revenues finance increased spending.”